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By V. H. Wilhelm

Greater stabilization in the petroleum industry was effected during 1934 through stricter compliance with curtailment measures and the establishment of the Pacific Coast Petroleum Agency. Various estimates of individual, company and state reserves revealed the fact that they were inadequate to sustain the present rate of production over a lengthy period, therefore drilling operations were increased during the year both in proved and wildcat territory. This greater activity resulted in the addition to reserves at Mountain View, Mount Poso and Edison in Kern County, Santa Barbara in Santa Barbara County and Playa del Rey in Los Angeles County. Additional reserves were also established in the Long Beach and Santa Fe Springs fields, in Los Angeles County, due to operators being successful in isolating small prolific sand bodies, formerly disregarded during the flush production periods.

Jan 1, 1935

By T. M. Chatard, Cabell Whitehead

The Republic mine, situated forty miles from Marcus, a station on the Spokane Falls and Northern Railroad, in the northeastern part of the State of Washington, was located in 1896, but no development-work was dolie until the spring of 1897. While much of the ore mined since then has been rich enough for shipment to smelters, a method of locally treating the lower-grade ores soon became a matter of prime importance, because only about 40 per cent. of the values could be recovered by plain amalgamation, even with ores assaying 4 to 5 ounces of gold per ton. Experiments with cyanidation, in various ways, led to the adoption of the Pelatan-Clerici process and the erection on this system of a 10-ton experimental plant, which was later increased to a capacity of 35 tons per day. The extractions by this process showed much improvement over previous work, especially when the ore was crushed to

Jan 1, 1901

[Instead of presenting his paper, as printed, Mr. Rice gave a brief illustrated lecture on the subject, the illustrations being largely maps of the coal fields in several parts of Europe, and graphic diagrams illustrating the production and consumption of coal throughout the world.

Jan 4, 1918

By J. M. Uys, T. B. King

The solubility of water in silicate melts of various compositions was measured. The basicity of the silicate did not appreciably affect the water solu-bulity at low-base content (acid compositions). Near the orthosilicate composition the solubility increased with basicity for silicates in which the cation displayed a weak ion-oxygen attraction and apparently decreased for those in which the cation showed a strong ion-oxygen attraction; metasilicates of the former class dissolved more water than those of the latter. Temperature had little effect on water solubility. The experimental results are interpreted on the basis of two modes of solution, the contribution of one decreasing, and that of the other increas -ing, with increased melt basicity. In the former, solution occurs through interaction with doubly-bonded oxygen atoms and in the latter, through interaction with singly-bonded oxygen atoms, or, in very basic melts, through reaction with free oxygen ions. THE hydrogen content of a steel melt is in a large measure determined by water dissolved in the slag. In some glasses water may be a major cause of "seeds". Water vapor in the furnace atmosphere is the primary source in both instances. A knowledge of the mechanism of water solution in silicate melts should help in assessment of practical methods for its control in steelmaking and glass refining. Walsh et a1.l measured the water content, expressed as hydrogen, of 40 pct lime-20 pct alumina-40 pct silica and 62 pct manganese oxide-38 pct silica melts as a function of the steam partial pressure, in equilibrium with the melt. Tomlinson 2 and, also, Russell3 investigated this relationship for a molten 30 pct soda-70 pct silica glass. In all three investigations, the solubility of water was found to be proportional to the square root of the partial pressure of steam. Moulson and Roberts 4 confirmed this relationship for a silica glass. On the basis of the square root relationship, Tomlinson2 and Russell3 interpreted the solution reaction as "network-breaking", similar to that expected on the addition of metal oxides to silica. Walsh et al.' postulated two possible modes of solution, one the mechanism suggested by Tomlinson and Russell and the other the reaction of the water molecule with an oxygen ion to form hydroxyl ions. These two modes of solution suggest opposite effects of melt basicity on water solubility. However, little appears to be known about the effect of melt basicity on water solubility. Walsh et a1.l found, in the lime-silica system, that the water content increased slightly with increased basicity. As these authors pointed out, this does not appear to be in accord with their further observation that slags containing little or no silica dissolve very little water. Kurkjian and Russell5 measured the effect of basicity on water solubility in alkali silicates in the composition range 15 to 45 mole pct alkali oxide. They found a minimum in the water content at about 25 mole pct alkali. This was interpreted on the basis of two concurrent solution reacZions; one in which solubility was proportional to the activity of doubly-bonded oxygen and, in the other, proportional to the activity of singly-bonded oxygen. The present work was aimed at establishing the effect of basicity on water solubility in silicate melts over as wide a range of compositions as practical. APPARATUS AND EXPERIMENTAL PROCEDURE The silicate melt was equilibrated with a "carrier-gas" of accurately known water content, quenched, and analyzed for water by a vacuum fusion technique. Some pertinent details of the equilibration procedure, analysis technique, preparation, and handling of the silicates are given below. Gas-Silicate Equilibration. The apparatus used to equilibrate the melt with the gas mixture was similar to that used by Walsh et al.' but with some important modifications.6 Purification trains were provided for nitrogen and hydrogen; whenever air or oxygen was used as carrier gas the nitrogen purifiCation train was used with the copper furnace at room temperature. Gas flow rates were measured with capillary flow meters; bleeders filled with a mixture of dibromo and tribromo ethyl benzene (density about 2 g per cc) were used for convenience in controlling flow rates.

Jan 1, 1963

By T. B. Brooks

THE iron ores of the Marquette region are mostly extracted in open excavations; hence the process is more properly quarrying. Several attempts at underground work have been made, which have not, on the whole, been successful. The Edwards mine has been almost entirely wrought by candle-light. The slate ore pit, NO. 1, of the New England mine, is now worked in the same way, as is also the Pioneer furnace pit of the Jackson mine. The Champion mine was opened systematically for underground work, with two levels, 60 feet apart, and three shafts at distances apart along the bed of 200 feet; but this idea has been practically abandoned, the greater part of the ore in that mine being now taken out in open pits. Several other mines have occasionally worked underground stopes, but only temporarily; if such stopes could not be opened out to daylight, they have usually been abandoned. In brief, it may be said that no considerable amount of ore has as yet (1870) .been extracted underground in the region, and of that so mined very little has been taken out at a profit; and I may add that it seems to be the belief of the most experienced mining men that this state of things will hold for some time to come for reasons which will appear. Nearly the same remarks may be applied to the mines of the Iron Mountain region, Missouri, the ores of which are very similar in character to those of Marquette. Some of the New York and New Jersey magnetic deposits are wrought open, but this is the exception, underground mining there being the rule. The following brief sketch of the geological structure of the Marquette deposits will indicate some advantages of the method of mining employed. The iron-bearing (Huronian) series of rocks, are stratified beds, the principal ore formation being overlaid by a quartzite, and underlaid by a diorite, or greenstone. This ore formation is made up, first, of pure ore; second, of "mixed ore" (i. e., banded

By Hamilton Bell, E. W. Webb

RepressuRIng, or gas drive, was first tried in the Seal Beach oil field during the fall of 1927, and was carried on until the spring of 1928. This experiment in the Upper or Bixby zone was highly successful in proving the feasibility of compressing gas to high pressures and also showed great increases in production. The project was discontinued because there were not enough wells to protect the property lines. In the development of the second or Selover zone, many more wells were drilled and after 2½ years of production the gas was depleted so that all producing wells in the zone were either pumping or on gas-lift. Edge-wat'er encroachment and the deepening of wells on neighboring properties to a third zone practically isolated the lease, so that during the spring of 1929 it was considered feasible to repressure the Selover zone on the Bixby lease of the Continental Oil Co. (Marland). As shown on Fig. 1, the main Seal Beach structure is an elongated dome with a northwest-southeast trend, and the north flank is cut by a fault nearly parallel to the axis of the structure. Bixby well No. 24 was chosen for the injection well on account of its location, as it is backed up by the fault and is surrounded by wells that protect the property lines. The results of the test made in the Bixby zone indicated that an injection well on the flanks of the structure would drive oil quickly to up-structure wells but would have a tendency to cause by-passing, while the drive to down-structure wells would be slower but more evenly distributed. Preferably the injection well would have been located on top of the dome but property divisions made this inadvisable. Well 24 had been completed in November, 1928, but on account of gas depletion the well failed to flow naturally. On gas-lift the well had an initial production of 1000 bbl. of oil with 30 per cent. emulsion. This well is 4825 ft, deep, penetrating 200 ft. of oil-bearing formation. At the time the well was prepared

Jan 1, 1930

By R. I. Jaffee, C. M. Craighead, G. A. Lenning

The effects of increasing hydrogen content, introducing a notch, and changing the strain rate on properties of titanium and one of its alloys were investigated over a range of testing temperatures from —196° to 200°C. Both high purity and commercial purity A-55 titanium were used as representative a materials, while a commercial Ti-8 pct Mn alloy was used for an a-P alloy. It was found possible to analyze the data, using the ductile-to-brittle transition temperature concept. Increasing hydrogen, the presence of a notch, and increasing the testing speed raised the transition temperature for the a materials. The presence of hydrogen and notches raised the transition temperature of the a-B alloy also. However, increasing the testing speed generally decreased the transition temperature of the a-p alloy. IN previous papers, the authors have shown that hydrogen is most detrimental to the notch-bend impact toughness of a-titanium' and to the tensile ductility of a-B titanium alloys.' These general effects have been confirmed by Kessler and co-workers," and by Kotfila and Erbin." Kessler showed that the slower strain rate in notch-rupture tests was a more sensitive measure of hydrogen embrittle-ment of a-B alloys than the tensile test. In the present paper the authors cover, with tensile and notch-bend tests, the effect of testing speed, notches, and testing temperature on hydrogen em-brittlement. High purity and commercial purity titanium, examples of u materials, and a commercial a-,f3 Ti-8 pct Mn alloy were investigated. The purpose of the investigation was to correlate the factors producing embrittlement. Materials The high purity titanium for this investigation was obtained by arc-melting crystal bar from Foote Mineral Co. into 1 Ib ingots. As-cast hardnesses for these ingots ranged from 60 to 90 Brinell. The arc-melted ingots were forged to % in. diam rods at 1470°F. These rods were swaged to & in. diam at room temperature prior to machining of the specimens for hydrogenation and testing. The commercial A-55 titanium and the Ti-8 pct Mn alloy were obtained from Rem-Cru Titanium Inc., as % in. diam rod. The A-55 titanium was hot swaged to 1/4 in. diam at 1300°F prior to machining of the specimens for hydrogenation and testing. The a-p C-11OM alloy was hydrogenated prior to hot swaging to 1/4 in. roc1 at 1300°F. Hydrogenation prior to fabrication permitted testing of the a-P alloy in the equilibrated and stabilized condition. The equilibration and stabilization treatment used was an air anneal for 1 hr at 1300°F, followed by furnace cooling to 1100°F and then air cooling. Hydrogenation was done in a Sieverts apparatus described previously.' The hydrogenation treatment consisted of heating for 1/4 to 1/2 hr at 820 °C in purified hydrogen, slow cooling to 680"C, holding 1 hr for homogenization, and rapid cooling to room temperature. Intended hydrogen levels for the a-tita-nium materials were 0.05, 0.5, 1.0, 1.5, and 2.0 atomic pct—about 15 to 430 ppm. For the Ti-8 pct Mn alloy, the intended hydrogen levels were 0.05, 0.5, 1.0, 2.5, and 5.0 atomic pct—about 15 to 1100 ppm. The material for the 0.5 atomic pct level of hydrogen was vacuum annealed prior to hydrogenation to increase the accuracy of the addition. Vacuum annealing to remove hydrogen consisted of heating for 6 hr at 820°C, and resulted in a hydrogen content of about 10 to 15 ppm. When hydrogen contents were above 0.5 atomic pct—100 ppm—the hydrogen was added without prior vacuum annealing.

Jan 1, 1957

The next meeting of the Institute, the 113th meeting, will he held in Arizona in the latter part of September, 1916. All papers to be presented at this meeting must be published in the September Bulletin or previously. Manuscripts must, therefore, be in the hands of the Secretary of the Institute not later than July 1. In case manuscripts are given by authors to members of technical committees, or others, they must be in the hands of such persons sufficiently in advance so that they may be actually in the hands of the Secretary of the Institute by the date mentioned. In the past, the Secretary has received urgent requests for special consideration regarding manuscripts that come in after the closing date. In view of the obvious unfairness of this, the Committee on Papers and Publications has instructed the Secretary not to accept for presentation at the Arizona Meeting any papers received later than July 1, 1916.

Jan 4, 1916

By H. W. Reinhardt, J. W. Dally

A dynamic photoelastic analysis of stress waves interacting with a free surface is described. The free surface is that of a bench with a fixed bottom so common in quarry applications. The stress waves are generated by line charges of lead azide (Pb N,). Four models of identical geometry are investigated with the direction of detonation of the line charge varied between the four models. Dynamic photoelastic patterns are recorded and analyzed to indicate which method of detonating the line charge produced the largest magnitude of tension at the free surface. The mechanics of rock breakage by means of explosives has received considerable treatment by many investigators including Duvall, Obert, Broberg, Rinehart, and Langefors1-11 over the past two decades. Indeed in more recent years several texts12-15 have been written on the topic, treating a wide variety of subjects which are logically related to the modern technique of rock blasting. In rock blasting the chemical energy of a concentrated explosive contained in a relatively small diameter borehole is utilized to fragment the rock. The explosive is transformed into a gas with enormous pressures which exceed 10-5 bars18 This high pressure shatters the rock in the area adjacent to the borehole and produces dilatational and distortional stress waves which propagate radially away from the borehole. The state of stress associated with these outgoing waves produces a system of cracks which extend for a few feet from the borehole. The breakage produced in this manner is limited as the dynamic stress in the pulse attenuates markedly with distance. In the absence of a free surface, the stress wave propagates away from the source without further fracture. With a free face of rock near the drill hole, another mode of breakage occurs which is due to scabbing failure of the layer of rock adjacent to the free face. These scabbing failures are produced by the reflection of the incident waves and the conversion of compressive stresses into tensile stresses sufficiently large to fracture the rock. The detailed nature of the interaction of the stress waves with the free surface is complex and difficult to treat analytically. However, dynamic photoelasticity offers an experimental approach which gives a fullfield visual display of propagating stress waves and the reflection process. Applications of static photoelasticity to solution of problems related to mining technology have become relatively common (see, for instance, Refs. 17 and 18) with a plastic model loaded to produce a state of stress representative of that occurring in the workings of a mine. The application of dynamic photoelasticity is ex tremely limited. Tandanand and Hartman19 have used a multiple spark camera to study fracture in glass and plastic plates impacted by a chisel-shaped tool. This paper describes a dynamic photoelastic analysis of stress waves interacting with a free surface. The free surface is that of a bench with a fixed bottom so common in quarry applications. The stress waves are generated by line charges of lead azide (Pb-N6). Four models of identical geometry are investigated with the direction of detonation of the line charge varied between the four models. Dynamic photoelastic patterns are recorded and analyzed to indicate which method of detonating the line charge produced the largest magnitude of tension at the free surface. Experimental Procedure The model illustrated in [Fig. 1] was fabricated from a sheet of Columbia Resin CR-39 to represent a bench with a fixed bottom. Properties of the CR-39 pertaining to these dynamic experiments are listed in [Table 1]. Scribe lines on 1-in. centers are used to identify locations along the bench face. The bench height was 8 in., the burden was 3 in., and the overall dimensions of the sheet, 16 and 18 in., were large enough to eliminate reflections from nonessential boundaries during the period of observation of the dynamic event. To simulate a charge in a borehole, a groove 0.062 in. wide and 0.080 in. deep groove was cut into the sheet from one side. The lower end of the groove was 1 in. or 1/3 the burden distance below the bottom of the bench. The upper end of the groove was 3 in. or one times the burden distance below the upper level of the bench. The groove was packed with 60 mg of Pb No per in. of length, and ignited with a bridge wire detonator. Four different ignition procedures were used to examine the effects of detonation direction on the stress wave interaction with the free face of the bench. In Test 1 the line charge was ignited at the top and the line charge detonated downward. In Test 2 the line charge was ignited at the bottom and the charge burned upward. In Test 3 the charge was ignited in the center with the top half burning upward and the bottom half burning downward. Finally in Test 4 the line charge was ignited at both ends simultaneously. Sixteen high-speed photographs of the photoelastic fringe patterns representing the stress wave propagation were recorded for each of the tests. A Cranz-Schardin multiple spark gap camera 20,21 was operated at framing rates which were systematically varied from 110,000 to 250,000 frames per sec during each test.

Jan 1, 1972

By W. E. C. Coxe

MANY of you who are interested in the manufacture of iron and steel, have no doubt heard of the "Wheeler process for combining iron and steel." Mr. Wheeler has formed a company, styled the "Combination Trust Company," whose business is to grant licenses for the use of this patent process in producing what he calls "iron-clad steel." It has been proposed to apply it in the manufacture of car or wagon axles, also to shafting, having steel cores or centres covered with iron; to tubes of steel with an inner and outer skin of iron ; to structural purposes, such as girders and beams; bridge and tie-bolts, where the strength of the iron and the rigidity of the steel would be desirable. In answer to a request from Mr. Wheeler, permission was accorded him to make some experiments at the rolling mill of the Philadelphia and Reading Coal and Iron Company, at Reading, Pennsylvania, with a view to manufacturing some steel-headed rails. In making this kind of a rail two difficulties are encountered. If the iron is brought to the requisite heat to weld properly, the steel is likely to be burned ; if the steel is cared for, to prevent burning, the several layers of iron are not brought up to the proper welding heat. Mr. Wheeler claimed that the steel slab covered with iron which be furnished for the head of the rail could not be injured by any heat to which it might be subjected in the ordinary course of heating the rail-pile. He claimed, also, that by this method the porosity, which he thought was characteristic of all solid rails of Bessemer steel, would be overcome. Four steel slabs were furnished for this experiment, being Bessemer steel of .61 carbon, made at the Edgar Thomson Steel Works, and covered with iron in one of the Pittsburgh mills. The slabs were in section seven inches wide by three inches thick, and the iron covering was one-eighth to three-sixteenths inch thick. Each slab was placed on a pile of iron made up in the ordinary way for a rail fifty-six pounds per yard and thirty feet long. The heating was under the personal direction of Mr. Wheeler, and

Jan 1, 1879

By H. H. Stout

In the early fall of 1925, the writer was conducting, in the Ledoux and Co. laboratory, New York, experiments directed toward ascertaining the effect on its impurity content when cathode copper was subjected to a current of various gases at an elevated temperature below the melting point. The apparatus consisted of a vertical I-in. dia. silica tube about 12 in. long, heated on the outside. The cathodes were broken to pass 3/8-in. mesh, and a current of various different gases was passed up through a 4-in. long column of these loose cathode particles in the vertical tube furnace. Temperature was maintained to 1500º to 1600ºF. and the gas treatments lasted from 3 to 6 hr. The writer observed that whenever reducing gas (H2 or CO) was used, these cathode particles stuck together at points of contact with each other. The cohesion was so marked and tenacious that an examination was made of the fractured surfaces, when cathode particles were broken from the cluster. Crystal growth was always found to have taken place across the surfaces where separate particles were in contact, but only after all oxides, sulphates, etc., had been completely removed. The idea of a possible new process was then conceived and was disclosed to A. M. Smoot (V. P. Ledoux and Co.) with intent to obtain his views. The first conception as given Smoot was "to gas-clean broken cathodes, put them in an extrusion press, solidify and extrude them at around 1500ºF." Smoot's reaction, after a few moments considera- tion, was, "It looks perfectly all right to me.'' The writer and his assistants, W. H. Osborn and H. H. Stout, Jr., after conferring as to ways and means, decided to go ahead with preliminary laboratory experiments, which, it was thought, would move the new process from the possible to the probable. This program followed a course indicated by three basic considerations: 1. Since brittle cathodes were often unintentionally produced, it seemed probable that the laws controlling this type of deposition could be ascertained. 2. We had already proved the gas-cleaning feature. 3. There remained to prove: whether a sound, homogeneous metal billet could be produced with crystal growth established over the entire surface of each individual particle in the billet; and, if so, what would be the physical properties? Osborn arranged with Columbia University for conducting experiments in its research laboratory to prove or disprove the third item; Columbia assigned C. A. Phillipi, Jr. to assist in the project. A press with a cylinder 2 in. high and of I-in. dia. was used. It was surrouilded and heated by a resistance coil 01 Nichrome wire. Broken tough cathodes were used. Experimental Procedure The first run took place March 18, 1926. The resistance wire gave out when temperature of 1000ºF. was obtained. Pressure was immediately applied: perceptible ram movement stopped when 39,000 lb. per sq. in. on the copper was reached, with a maxi-

Jan 1, 1941

By Eckley B. Coxe

At the first meeting of the Institute, a paper was read by Mr. Rothwell, calling attention to the importance of at once considering the great waste of anthracite coal under the present system of mining and preparing that fuel for market, and a committee was appointed to examine and report upon the method now in use. About the time the committee were selected, a general resumption of work, after the long strike, took place in the coal regions, and the members of the committee have not in consequence had as much leisure to devote to the study of the question as its importance demands. In the present preliminary report we shall merely sketch out the . plan which we propose to pursue in our investigations, so that when our fellow-members are called upon to assist us in our work by furnishing statistics, etc., they may understand more clearly for what object our inquiries will be made. As one of the most practicable methods of obtaining the information requisite for an intelligent consideration of our subject, we propose to send, from time to time, to members and others interested in the mining of anthracite coal, printed sets of questions relating to points under consideration. We would here impress upon our fellow members the importance of filling up these papers as far as they can from their own knowledge. We would, of course, wish each question to be answered as fully as possible, but we do not expect every one to answer them all. One question well answered would be of more use to us than the whole paper filled up with answers, many of

By A. Eilers

(Butte Meeting, August, 1913.) A NUMBER of the copper refineries in this country have lately separated some of the rarer metals from the slimes in the refinery tanks One of these has furnished me the following table of recoveries from given amounts of blister. I publish . this to show the proportions, to gold and silver and to each other, in which these rarer metals may be expected to occur in copper from certain localities.

Jan 6, 1913

By Walter P. Jenney

In the limestone area of Tintic and other mining districts of the Great Basin region of Utah, it has been observed that surface-outcrops of ore occur but seldom, and are mainly confilled to points of relatively low elevation, where the veins cross some basin or ravine. Nowhere does a considerable body of ore outcrop on the tops or high up on the slopes of the hills. Mining operations, on the other hand, have shown that large and continuous ore-deposits frequently occur in depth in the limestone, beneath large masses of barren rock. Such orebodies, when followed upward in the lodes, are found to terminate at well-defined levels, without reaching the surface. Yet the minerals-bearing fissures themselves extend above the top of the ore, being often traceable, though barren of all valuable minerals, for hundreds of feet above the stopes in the mines, and even observable in outcrops at the surface. This abrupt cessation of the ore at a uniform horizon does not appear to be connected with any change in the countryrock adjacent to the lodes. The strata above and below this horizon seem to be in every way equally favorable to ore-deposition. Explorations above it have developed an open-fissured country, barren not only of ore, but also of indications that minerals bearing gold, silver, lead or copper were ever deposited in the strata at that elevation. The height reached by the ore, while usually constant throughout the length of a given lode, may vary in particular sections, from the operation of local causes. Each lode in a district has its own distinct horizon, above which the oredeposits do not extend. Where the ore-bodies are continuous

Jan 1, 1903

WE must begin by defining what we mean by the Copperbelt. This term is generally used to denote that region of Northern Rhodesia in which the copper mines of that territory are situated. The first published use of the term Copperbelt we have been able to trace dates back to 1905. The African World of December of that year contained an article entitled "The Great Northern Copper Belts of Rhodesia." The next reference we have traced is in 1909 in an article in the Transactions of the Geo- logical Society of South Africa. It began to be used generally in the late twenties and by 1929 was in common use to denote the region which today contains the existing large copper mines of Northern Rhodesia. The first of three accompanying maps is a very simple outline map of Africa showing where Rhodesia is within Africa, and where the Copperbelt is within Rhodesia. The second is a larger scale map of the Copperbelt itself. It will be seen that within the present Copperbelt there are six producing mines. Two of these are new and four are relatively established, having started operations between the two world wars. The Copperbelt also includes a town- ship called Ndola, which is not a mining town, but a railhead on the main line. This town has developed primarily as a result of the mining industry in the neighborhood. It describes itself as the Gateway to the Copperbelt and is shortly to become a refining center.

Jan 5, 1957

By Dr. O’Neil Thomas J., Donald W. Gentry

Money is like an arm or leg-use it or lose it." -Henry Ford INTRODUCTION If it were not for the existence of interest, the analysis of investment opportunities would be greatly simplified. In the absence of interest, investors would be indifferent as to when cash outlays are made or cash benefits are received. It would, in fact, be irrelevant whether the outlays preceded or followed inflows as long as both amounts are known with certainty. Of course, it does make a considerable difference whether, for example, a firm receives $1 million now or five years from now. The reason is that money does, indeed, have a value which is a function of time. Interest is how this time value is measured. Interest is generally defined as money paid for the use of borrowed money. In other words, interest is the rental charge for using an asset over some specific time period. The rate of interest is the ratio of the interest chargeable at the end of a specific period of time to the money owed, or borrowed, at the beginning of that period. In order to understand why interest exists, it is necessary to take the lender's viewpoint. The lender can justify charging interest for several reasons: 1) Risk: The lender is faced with the possibility that the borrower will be unable to repay the loan. 2) Inflation: Money repaid in the future will be in units of lower value due to inflation. 3) Transactions Cost: There will be expense incurred in preparing the loan agreement, recording payments, collecting the loan, and other administrative tasks. 4) Opportunity Cost: By committing limited funds to one borrower, a lender is unable to take advantage of other available opportunities. 5) Postponement of Pleasure: By lending money, an individual (or organization) is postponing the pleasure which that money could purchase. Each of these is a valid reason for a lender demanding interest from a borrower. The level of interest is, like the price of other assets, determined by supply and demand. Nonetheless, from time to time various analysts have taken a then current average interest rate and broken it down into the components described previously.

Jan 1, 1984

By B. R. Queneau

Steel has been chosen as the metal whose solidification will be used to tie in the principles discussed in the previous papers. Although steel is the most important [ ] practical example that could be chosen, its solidification is complicated by the presence of many elements added either intentionally or present as impurities. The liquid steel bath in an open-hearth furnace contains carbon, manganese, phosphorus, sulphur, and many residual alloying elements such as nickel, copper, and molybdenum. The bath also contains oxygen, the concentration of which is a function of the carbon content, as shown in Fig. I. Deoxidizers such as silicon and aluminum may be added either before or after tapping depending on the grade of steel being made. There are four types of steel ingots: Killed, semikilled, capped, and rimmed, and these differ from each other in their state of oxidation. Each type of steel has advantages in the production of specific steel products, and it should be emphasized that no one type should be considered superior to the others. Fully deoxidized steels, known as killed steels, have little or no gas evolution on solidification. When the steel solidifies in the mold, shrinkage occurs which causes a large void known as "pipe." To minimize the amount of metal that has to be discarded on account of pipe, a big-end-up mold is used together with a refractory "hot top" which supplies molten steel to the main body of the ingot while solidification proceeds, Fig. 2. A section through a 32x32 in. ingot is shown in Fig. 3. The "hot top" volume is about 15 pct of the ingot, and the yield from killed steel in billet form is about 8o pct of the ingot weight. High quality machinery and tool steels are rolled from killed-steel ingots, but at the present time this represents less than 20 pct of the total steel production in the United States. In order to reduce cost and to increase

Jan 1, 1951

By Fred C. Bond

MOST investigators are aware of the present unsatisfactory state of information concerning the fundamentals of crushing and grinding. Considerable scattered empirical data exist, which are useful for predicting machine performance and give, acceptable accuracy when the installations and materials compared are quite similar. However, there is no widely accepted unifying principle or theory that can explain satisfactorily the actual energy input necessary in commercial installations, or can greatly extend the range of empirical comparisons. Two mutually contradictory theories have long existed' in the literature, the Rittinger and Kick. They were derived from different viewpoints and logically lead to different results. The Rittinger theory is the older and more widely accepted. In its first form, as stated by P. R. Rittinger, it postulates that the useful work done in crushing and grinding is directly proportional to the new surface area produced and hence inversely proportional to the product diameter. In its second form it has been amplified and enlarged to include .the concept of surface energy; in this form it was precisely stated by A. M. Gaudin2 as follows: "The efficiency of a comminution operation is the ratio of the surface energy produced to the kinetic energy expended. According to the theory in its second form, measurements of the surface areas of the feed and product and determinations of the surface energy per unit of new surface area produced give the useful work accomplished. Computations using the best values of surface energy obtainable indicate that perhaps, 99 pct of the work input in crushing and grinding is wasted. However, no method of comminution has yet been devised which results in a reasonably high mechanical efficiency under this definition. Laboratory tests have been reported' that support the theory in its first form by indicating that the new surface produced in. different grinds is proportional to the work input. However, most of these tests employ an unnatural feed consisting either of screened particles of one sieve size or a scalped feed which has had the fines removed. In these cases the proportion of work" done on. the finer product particles is greatly increased and distorted beyond that to be expected with a normal feed containing the natural fines. Tests on pure crystallized quartz are likely to be misleading since it does not follow the regular breakage pattern of most materials but is relatively harder to grind at the finer sizes, as will be shown later. This theory appears to be indefensible mathematically, since work is the product of force multiplied by distance, and the distance factor (particle deformation before breakage) is ignored. The Kick theory' is based primarily upon the stress-strain diagram of cubes under compression, or the deformation factor. It states that the work required is proportional to the reduction in volume of the particles concerned. Where F represents the diameter of the feed particles and P is the diameter of the product particles, the reduction ratio Rr is F/P, and according to Kick the work input required for reduction to different sizes is proportional to log Rr/log 2.5 The Kick theory is mathematically more tenable than the Rittinger when cubes under compression are considered, but it obviously fails to assign a sufficient proportion of the total work in. reduction to the production of fine particles. According to the Rittinger theory as demonstrated by the theoretical breakage of cubes the new surface produced, and consequently the useful work input, is proportional to Rr-1.5 If a given reduction takes place in two or more stages, the overall reduction ratio is the product of the Rr values for each stage, and the sum of the work accomplished in all stages is proportional to the sum of each Rr-1 value multiplied by the relative surface area before each reduction stage. It appears that neither the Rittinger theory, which is concerned only with surface, nor the Kick theory, which is concerned only with volume, can be completely correct. Crushing and grinding are concerned both with surface and volume; the absorption of evenly applied stresses is proportional to the volume concerned, but breakage starts with a crack tip, usually on the surface, and the concentration of stresses on the surface motivates the formation of the crack tips. The evaluation of grinding results in terms of surface tons per kw-hr, based upon screen analysis, involves an assumption of the surface area of the subsieve product, which may cause important errors. The'evaluation in terms of kw-hr per net ton of 200 mesh produced often leads to erroneous results when grinds of appreciably different fineness are compared, since the amount of -200 mesh material produced varies with the size distribution characteristics of the feed. This paper is concerned primarily with the development, proof, and application of a new Third Theory, which should eliminate the objections to the two old theories and serve as a practical unifying principle for comminution in all size ranges. Both of the old theories have been remarkably barren of practical results when applied to actual crushing and grinding installations. The need for a new satisfactory theory is more acute than those not directly concerned, with crushing and grinding calculations can realize. In developing a new theory it is first necessary to re-examine critically the assumptions underlying

Jan 1, 1952

By W. G. Jeffery, James F. McDivitt

THE FRAMEWORK Consider where you, the reader, would place the emphasis m your answer to the following questions on mineral supply. Do you think of the mineral resources of developing countries in terms of the contribution which they can make to world mineral supply or in terms of the contribution they can make to development of the country? Do you look upon developing countries as a source of minerals for world industry or as a potential enormous market for minerals? If you are from a developed country it would be surprising I£ you did not emphasize the first alternative in each case, but it is also possible that simply raising the questions will call for some mental adjustments, because usually we do not think in these terms. If you are among the two-thirds of the world's population which comes from developing countries, you might well emphasize the second alternative. And to a growing extent during the reaming decades of the 20th century this is where emphasis must be placed. Increasing amounts of the world's mineral production come from countries which are in the early stages of development. Mineral consumers of the world look to these regions for continuing supplies of material to help meet their ever-growing needs; the producing countries look to mineral exports as one means of stimulating and financing their economic development-this seems a happy and fortuitous relationship. But due to the complexities of world mineral supply, it is a relationship which is fraught with potential confusion and misunderstanding. That this is so is not surprising when one considers that many of the producing countries are new countries which are urgently trying to find the path along which they can move towards development; that the direction of the path is by no means clear because various theories of economic development, as a planned and deliberate process, are relatively recent in origin and none are well understood; and that the very concept of the less developed countries (LDC's) is a relatively new one. To further complicate the situation there has never been a clear under- standing of the full role which minerals play in economic development, either in the case of those countries which are already classed as developed, or in the case of countries which are in the process of development. Before embarking on an investigation of some aspects of the relationship between minerals and developing countries, it seems wise to establish broad terms of reference, which may not be totally valid but which will at least give an initial direction for a journey with no clearly definable goal. First it can be noted that the world has been divided somewhat arbitrarily into a group of countries that are termed developed or advanced and a group of countries which

Jan 1, 1976

By G. Howell Clevenger

PAGE Introduction,............891 L Nature of Precipitates,.........892 11. Experimental Work Upon Alloys,......895 Silver,............895 Gold,............896 Conclusions,............896 111. Present Methods of Refining,.......897 1. Refining by Roasting,.........897 2 Refining with Acid,..........898 3. Smelting with Lead,.........902 Tavener's Method,..........903 Merrill a Method,.,........903 Comparison of Costs of Acid-Refining and Smelting Processes,. . 904 Detailed Costs of Refining Cyanide Precipitates at Lead, So. Dak., September 29, 1903,.........904 Cost of Acid-Refining at the Horseshoe Mill, Terry, So. Dak.,. . 907 IV. The Removal of Zinc by Distillation,.....908 Experimental Distillations,.....,...910 Analysis of Precipitates Used for Distillation-Experiments,. . 910 Discussion of the Results of the Distillation-Experiments,. . 915 V. General Conclusions,.........917 VI. Outline of a Proposed MEthod OF Treatment,.... 917 Introduction. Attempts to discover, for the cyanide process, a better precipitant than zinc have been unsuccessful. Hydrogen sulphide, sulphurous acid, ferrous sulphate, etc., precipitate gold and silver from cyanide solutions either not all or incompletely.

Jan 1, 1904